Hellenic Competition Commission

Friday, 20 December 2019 13:17

Decision 699/2019

Decision on the proposed acquisition of five (5) hotels owned by the company "LOUIS HOTELS S.A." by "The Blackstone Group Inc." via the company "Leonidas Holdco S.A.r.l."

Decision 699/2019
File (PDF) Decision 699/2019
Date of Publication of Decision December 20th, 2019
Issue Number of Government Bulletin  2521/Β/24.6.2020
Relevant Market Hotel Services
Proceedings Merger
Legal Framework Phase I (Article 8 par. 3 of the Greek Competition Act 3959/2011)
Decision Clearance
Acquiring Company The Blackstone Group Inc.
Target Company LOUIS HOTELS S.A.
Summary of Decision

Blackstone acquired sole control over the hotels ran by LOUIS HOTELS S.A., namely: “Louis Zante Beach”, “Louis Grand Hotel Glyfada”, “Louis Corcyra Beach”, “Louis Plagos Beach” and “Louis Creta Princess”. The parties to the transaction are active in distinct markets in Greece. More specifically, the acquiring company does not trade in the same services market, geographical market (no horizontal overlap) nor in the markets of the preceding and succeeding stages (no vertical relationship) as the target businesses.

Since there is no horizontal overlap in the activities of the businesses involved in the transaction, there is no dominant position created, nor enhanced. The Chamber of the Hellenic Competition Commission, unanimously cleared in an open vote, pursuant to Article 8(3) of the Greek Competition Act 3959/2011, the aforementioned acquisition, for which notice was given on 2/10/2019, since it does not raise any doubts as to its compatibility with merger control rules in the relevant markets, even though it falls within the scope of Article 6(1) of the Greek Competition Act 3959/2011.

Judicial Means Final. Decision has not been appealed
Decisions by the Court of Appeal of Athens (Administrative Division) -
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